Alberta Real Estate Licensing Exam Practice · Question
What is the primary role of a 'condition precedent' in a residential purchase contract?
A condition precedent is a suspensive clause, meaning the contract's enforceability depends on its fulfillment.
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Question: What is the primary role of a 'condition precedent' in a residential purchase contract?
Answer options: ✅ It is a clause that must be satisfied before the contract becomes firm and binding.
- It specifies the legal description of the property being sold.
- It outlines the commission rate payable to the real estate professional.
- It determines the closing date for the transaction.
Correct answer: It is a clause that must be satisfied before the contract becomes firm and binding.
Explanation: A condition precedent is a suspensive clause, meaning the contract's enforceability depends on its fulfillment.
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